THIS
NOVATION AGREEMENT(the
“Agreement”) is made the 31stday of March 2009

BETWEEN

(1)

LIVE CURRENT
MEDIAInc.,
having its principal office at Suite 645, 375 Water St., Vancouver,
BC, CANADA, V6C 5B6 (“ Live Current
”); and

(2)

GLOBAL
CRICKET VENTURES PTE. LTD.,a company incorporated under the laws of
Singapore having its registered office at 17 Philip Street #05-01,
Grand Building Singapore 048695 (“ GCV ”);
and

(3)

BOARD OF
CONTROL FOR CRICKET IN INDIAa society registered under the Tamil Nadu
Societies Registration Act and having its address at Cricket
Center, Wankhede Stadium, Mumbai – 400020 India (the “
BCCI-IPL ”).

(Live Current,
BCCI-IPL and GCV shall also as the context requires be referred to
as a “ Party ” and collectively as the “
Parties ”)

WHEREAS

(A)

On the 16 April
2008, Live Current and BCCI-IPL entered into a binding MOU under
which BCCI-IPL authorised Live Current to design, build, operate,
maintain and promote the official website of the Indian Premier
League (the “IPL Website”) (the “Original
Agreement” or “MOU” attached as Schedule 1
hereto).

(B)

The parties to
this Agreement have agreed that Live Current should be released and
discharged from the Original Agreement and all outstanding
obligations under the Original Agreement in respect of the period
commencing on the date of this Agreement (the “Novation
Date”) subject to GCV undertaking to perform the Original
Agreement (as amended hereunder) and to be bound by the terms of
the Original Agreement from the commencement of the Novation Date
onwards in place of Live Current.

WHEREAS IT
IS HEREBY AGREED AS FOLLOWS, IN EXCHANGE FOR GOOD AND VALUABLE
CONSIDERATION, THE RECEIPT ADEQUACY AND SUFFICIENCY OF WHICH IS
ACKNOWLEDGED AND ACCEPTED BY THE PARTIES HERETO:

(1)

GCV undertakes
to Live Current and as a separate undertaking to BCCI-IPL to
perform the Original Agreement and to be bound by the terms of the
Original Agreement in respect of the period commencing on the
Novation Date in every way as if GCV were a party to the Original
Agreement in place of Live Current and on the basis that from the
Novation Date GCV shall be regarded as having become a party to the
Original Agreement in place of Live Current.

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2

(2)

(a)

With effect
from the Novation Date BCCI-IPL releases and discharges Live
Current from the Original Agreement and all outstanding obligations
and any claims and demands under the Original Agreement including
the Minimum Annual Fees originally due on October 1, 2008 and
January 1, 2009 (the “Accrued Fees”) and accepts the
liability of GCV under the Original Agreement in lieu of the
liability of Live Current and agrees to be bound by the Original
Agreement in every way as if GCV were named in the Agreement as a
party to the Original Agreement in place of Live
Current. For the avoidance of doubt, with effect from
the Novation Date, Live Current (a) shall immediately cease to
exercise or exploit any such rights, licenses or benefits granted
under the Original Agreement; (c) shall not thereafter use or
exploit its previous connection with BCCI-IPL or the Indian Premier
League, whether directly or indirectly; (d) shall not at any time
thereafter (i) disclose or use any confidential information
relating to BCCI-IPL, or the IPL acquired by Live Current during or
as a result of the Original Agreement; (ii) make any use of any
trade marks, trade names and/or logos of BCCI-IPL, the IPL
sponsors, partners or franchises or any similar trade marks, trade
names and/or logos; (iii) purport to be associated with BCCI-IPL
and/or the IPL; (d) shall promptly return to BCCI-IPL all property
of BCCI-IPL within its possession, save that Live Current will be
permitted to retain such property as it demonstrates (to the
BCCI’s reasonable satisfaction) to be required by law to be
maintained for records; (e) Current shall execute any
documents required by BCCI-IPL to effect the termination and/or
assignment to BCCI-IPL of any rights in connection with the IPL
website (in accordance with clause 4.2 of the Original
Agreement);

(b)

GCV shall
further pay BCCI-IPL the sum of US$750,000 that is owing from Live
Current to the Board of Control for Cricket in India under the
Memorandum of Understanding entered into by Live Current and BCCI
in respect of the BCCI official website dated 16 April 2008 and
which is terminated by a mutual termination agreement signed
simultaneously with this Novation Agreement. GCV shall pay the
US$750,000 by 1 July 2009 in addition to the sums due under the
Original Agreement in accordance with the revised payment schedule
as set out at Clause 4(k) below and the terms and conditions
applicable to payments in the Original Agreement.

(3)

Live Current
covenants with GCV and as a separate covenant with BCCI-IPL that,
except for payment of the Accrued Fees, it shall duly discharge all
the liabilities and perform all the obligations of Live Current (if
any) under the Original Agreement up to and including the Novation
Date and undertakes to indemnify GCV and BCCI-IPL and keep GCV and
BCCI-IPL indemnified against all actions, proceedings, claims,
demands and expenses of whatever nature arising out of or in
connection with any breach by Live Current of the terms of the
Original Agreement, except for payment of the Accrued Fees, in
respect of the period up to and including the Novation
Date.

(4)

GCV and
BCCI-IPL hereby agree to amend the Original Agreement as
follows:

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(a)

Clause 1.5 of
the Original Agreement shall be replaced with the
following:

“GCV
will construct a web portal at CRICKET.COM (the " CRICKET.COM
Portal ")”

(b)

The paragraph
at the end of Clause 1.8 of the Original Agreement shall be amended
as follows:

“In
each case for a period commencing on 1 April 2008 and ending on 31
December 2017, subject to the terms and conditions of clause 1.9
below.”

(c)

Intentionally
omitted.

(d)

Clause 1.15(i)
and 1.15(ii) of the Original Agreement as set out below shall be
deleted in its entirety and treated as intentionally deleted so
that the numbering of subsequent sub-paragraphs does not
change::

“(i) The
Parties will set up a joint committee (“ Facilitation
Committee ”), which will comprise of such number of LIVE
CURRENT MEDIA representatives and BCCI-IPL representatives as may
be agreed upon by the Parties. The Facilitation Committee will be
chaired by a nominee of the BCCI or such other person as agreed
between the Parties. It is agreed that the chair of the
Facilitation Committee shall not have a casting vote on any
issue.

(ii) The
payment schedule set out in clause 1.10 and detailed in
S

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